Ride-hailing - Southeast Asia | Statista Market Forecast

Southeast Asia is expected to witness a significant rise in revenue in the Ride-hailing market, with projections estimating that it will reach US$8.87bn by 2024.
The industry is predicted to exhibit a Compound Annual Growth Rate (CAGR 2024-2029) of 5.38%, resulting in a market volume of US$11.53bn by 2029.
As for the number of users in this market, it is expected to reach 218.50m users by 2029.
User penetration is estimated to be 25.0% in 2024 and is expected to grow to 30.4% by 2029.
The Average Revenue Per User (ARPU) is expected to be US$51.25.
Furthermore, it is projected that 100% of the total revenue will be generated through online sales in the Ride-hailing market by 2029.
In comparison to other countries, China is expected to generate the highest revenue, with an estimated revenue of US$60bn in 2024, in the Ride-hailing market.
In Indonesia, ride-hailing companies have expanded their services to include food delivery and financial services in response to increased competition.

Definition:

The Ride-hailing market encompasses on-demand transportation services facilitated through mobile apps or online platforms. This market covers both private vehicle rides and taxi services, all booked exclusively online. It includes Transportation Network Companies (TNCs), such as Uber and Lyft, traditional taxis booked via apps, such as Free Now or Cabify, and ride-pooling services, such as Moia and Via. This market excludes peer-to-peer ride-sharing, focusing on professionally operated transport services booked digitally for efficient and convenient urban mobility. Rides of traditional taxi services hailed on the street or booked via telephone are not included in this market.

Additional Information:

The main performance indicators of the Ride-hailing market are revenues, average revenue per user (ARPU), user numbers and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the mentioned market. User numbers show only those individuals who have made a reservation, independent of the number of travelers on the booking. Each user is only counted once per year.

The booking volume includes all booked rides made by users from the selected region, regardless of where the ride took place.

For further information on the data displayed, refer to the info button right next to each box.

Platforms that let users book rides offered by drivers using their private vehicles (e.g., Uber)
Taxi companies that offer their services through an app (e.g., Free Now)
Platforms that offer shared rides (ride-pooling) with other passengers (e.g., Moia, Via)

Traditional taxi rides booked offline with taxi companies (via street-hailing or by telephone)

The Ride-hailing market in Southeast Asia has experienced significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the expansion of this industry. Customer preferences in Southeast Asia have played a crucial role in the rise of the Ride-hailing market. The convenience and affordability of booking a ride through a mobile app have attracted a large customer base. Moreover, the increasing use of smartphones and internet connectivity in the region has made it easier for people to access these services. Customers also appreciate the transparency and safety features offered by ride-hailing platforms, which have helped to build trust and loyalty among users. Trends in the market have further fueled the growth of the Ride-hailing industry in Southeast Asia. One notable trend is the increasing popularity of motorbike taxis in countries like Indonesia, Vietnam, and Thailand. These two-wheeler options provide a faster and more cost-effective transportation solution, particularly in congested urban areas. Additionally, ride-hailing platforms have expanded their services beyond just transportation, offering options like food delivery and grocery shopping, catering to the evolving needs of customers. Local special circumstances have also influenced the development of the Ride-hailing market in Southeast Asia. For example, the lack of reliable public transportation systems in many cities has created a demand for alternative transportation options. Ride-hailing platforms have filled this gap by providing a convenient and reliable means of transportation for both locals and tourists. Additionally, the high population density in urban areas has made ride-hailing a lucrative business opportunity, as there is a constant demand for transportation services. Underlying macroeconomic factors have also contributed to the growth of the Ride-hailing market in Southeast Asia. The region has experienced rapid economic growth, leading to an increase in disposable income and a growing middle class. As a result, more people can afford to use ride-hailing services on a regular basis. Furthermore, the rise of the gig economy and flexible work arrangements has created a larger pool of potential drivers, enabling ride-hailing platforms to meet the growing demand for their services. In conclusion, the Ride-hailing market in Southeast Asia has flourished due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The convenience, affordability, and reliability offered by ride-hailing platforms have resonated with customers in the region, driving the demand for these services. As Southeast Asia continues to experience economic growth and urbanization, the Ride-hailing market is expected to further expand and evolve to meet the changing needs of customers.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings and revenues of ride-hailing services.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

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